Canopy Growth to spend $115 million to grow marijuana in EU

Canopy Growth is planning a major investment in Europe.

The marijuana grower will spend more than 100 million euros ($115 million) to expand production in the EU over the next two years, according to Pierre Debs, managing director at Canopy’s Spectrum Cannabis Europe division. The weed giant -- valued at about $9.8 billion -- is planning to build two new production facilities to grow hundreds of kilos of cannabis for use in treatment.

Canopy will build its new growing facilities in Italy, Greece or Spain, Debs said, all in a region that offers much-needed sunshine for the cannabis plants. The company already has a partnership with Madrid-based Alcaliber SA, granting the medicinal plant firm permission to use Canopy’s strains and seeds for marijuana growth. The Canadian company may start up an additional processing facility in Germany to make extracts and gel capsules.